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Kazakhstan

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About

Kazakhstan

Capital
Official languages
Population 
Currency

ISO 4217

Nur-Sultan

Kazakh and Russian

18,776,707 (as of 2019)

Tenge

KZT

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Economy

Kazakhstan has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 4.2% in 2019, and is projected to grow by 3.2% in 2020. The country's inflation rate has also been relatively low, averaging around 4.5% in 2019. The unemployment rate in Kazakhstan is also low, at 5.2% in 2019.

Kazakhstan has also seen a steady increase in foreign direct investment (FDI) over the past few years. According to the United Nations Conference on Trade and Development (UNCTAD), the country attracted $7.3 billion in FDI in 2019, up from $6.2 billion in 2018.

Overall, Kazakhstan has seen a steady growth in its economy over the past few years, with low inflation, low unemployment, and increasing FDI.

Taxation

In Kazakhstan, both individuals and corporations are subject to various taxes, including income tax, value-added tax (VAT), and social security contributions. Here is an overview of the tax system in Kazakhstan:


Corporate taxation:

- Corporate income tax is levied on the profits of companies at a standard rate of 20%, with certain exceptions for specific industries.

- Dividend payments made by Kazakhstani companies to shareholders are generally subject to a withholding tax at a rate of 15%.

- Other taxes and duties that companies may be subject to include property tax, customs duty, and social security contributions.


Personal taxation:

- Individuals in Kazakhstan are subject to personal income tax on their worldwide income at progressive rates ranging from 10% to 15%, depending on their income level.

- Social security contributions are also deducted from employees' gross salaries under the social welfare system.

- Other taxes that individuals may be subject to include property tax, vehicle tax, and inheritance tax.


Tax payment process and calendar:

- Kazakhstani taxpayers are required to file their tax returns annually by March 31st of the year following the tax year.

- The tax year in Kazakhstan is from January 1st to December 31st of the same year.

- Companies are required to pay corporate income tax in quarterly instalments throughout the year, with the first instalment due by the end of the third month of the tax year, the second instalment due by the end of the sixth month, the third instalment due by the end of the ninth month, and the final instalment due by the end of the twelfth month.

- Individuals may be required to make advance payments of personal income tax if their tax liability for the year exceeds a certain amount. Advance payments are made in four instalments throughout the year, with the first instalment due by April 10th, the second instalment due by July 10th, the third instalment due by October 10th, and the fourth instalment due by January 10th of the following year.

- Late tax payments are subject to penalties and interest charges.


It should be noted that Kazakhstan has been making efforts to improve its tax system in recent years, including simplifying tax procedures and reducing tax rates to promote business development and attract foreign investment. However, compliance with the tax laws and regulations in Kazakhstan remains important for both individuals and corporations.

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